Common use of PERMITTED WITHDRAWAL BY FELD Clause in Contracts

PERMITTED WITHDRAWAL BY FELD. If the Construction Loan Closing has not occurred by the Conxxxxction Loan Outside Date, upon not less than ten (10) days prior written notice to WPHC, Feld may withdraw as the Manager and as a Member without such withdxxxxl (a "Permitted Withdrawal") constituting a breach of this Agreement. In the event of a Permitted Withdrawal, Feld shall not have any obligation under the Development Deficit Guxxxxty or the Operating Deficit Guaranty, and Feld shall be released from any obligation hereunder related to the xxxiod after his Withdrawal. Upon a Permitted Withdrawal, Feld shall have no right to any fees or payments from the Company ox xxy interest in any property of the Company. Feld shall execute such documents or instruments evidencing his witxxxxwal as WPHC may reasonably request. Except for a Permitted Withdrawal or a withdrawal upon the death or disability of Feld, any withdrawal by Feld from the Company shall constitute a dexxxxt by Feld under this Xxxeement and WPHC shall be entitled to damages and xxx other legally available relief based upon such default.

PERMITTED WITHDRAWAL BY FELD. If the Construction Loan Closing has not occurred oxxxxred by the Conxxxxction Construction Loan Outside Date, upon not less than ten (10) days prior written notice to WPHC, Feld may withdraw as the Manager and as a Member without xxxhout such withdxxxxl withdrawal (a "Permitted Withdrawal") constituting a breach of this Agreement. In the event of a Permitted Withdrawal, Feld shall not have any obligation under the Development Deficit Guxxxxty or the Operating Dexxxxpment Deficit Guaranty, and Feld shall be released from any obligation hereunder hereuxxxx related to the xxxiod period after his Withdrawal. Upon a Permitted Withdrawal, Feld shall have no right to any fees or payments from xxxm the Company ox xxy or any interest in any property of the Company. Feld shall execute such documents or instruments instrumenxx evidencing his witxxxxwal withdrawal as WPHC may reasonably request. Except for a Permitted Withdrawal or a withdrawal upon the death or disability of Feld, any withdrawal by Feld from the Company shall sxxxx constitute a dexxxxt by defaulx xx Feld under this Xxxeement Agreement and WPHC shall be entitled enxxxxed to damages and xxx any other legally available relief based upon such default.

PERMITTED WITHDRAWAL BY FELD. If the Construction Loan Closing Xxxxing has not occurred by the Conxxxxction Construction Loan Outside Date, upon not less than ten (10) days prior written notice to WPHC, Feld may withdraw as the Manager and Managex xxd as a Member without such withdxxxxl withdrawal (a "Permitted Withdrawal") constituting a breach of this Agreement. In the event of a Permitted Withdrawal, Feld shall not have any obligation obligaxxxx under the Development Deficit Guxxxxty or the Operating Deficit Guaranty, and Feld shall be released from any obligation xxxigation hereunder related to the xxxiod period after his Withdrawal. Upon a Permitted Withdrawal, Feld shall have no right to any fees xxxs or payments from the Company ox xxy or any interest in any property of the Company. Feld shall execute such documents documenxx or instruments evidencing his witxxxxwal withdrawal as WPHC may reasonably request. Except for a Permitted Withdrawal or a withdrawal upon the death or disability of Feld, any withdrawal by Feld from fxxx the Company shall constitute coxxxxtute a dexxxxt default by Feld under this Xxxeement Agreement and WPHC XXXC shall be entitled to damages and xxx any other legally available relief based upon such default.

PERMITTED WITHDRAWAL BY FELD. If the Construction Loan Closing Xxxxing has not occurred by the Conxxxxction Construction Loan Outside Date, upon not less than ten (10) days prior written notice to WPHC, Feld may withdraw as the Manager and Managex xxd as a Member without such withdxxxxl withdrawal (a "Permitted Withdrawal") constituting a breach of this Agreement. In the event of a Permitted Withdrawal, Feld shall not have any obligation obligaxxxx under the Development Deficit Guxxxxty Guaranty or the Operating Deficit Guaranty, and Feld shall be released from any obligation xxxigation hereunder related to the xxxiod period after his Withdrawal. Upon a Permitted Withdrawal, Feld shall have no right to any fees xxxs or payments from the Company ox xxy or any interest in any property of the Company. Feld shall execute such documents or documenxx xr instruments evidencing his witxxxxwal withdrawal as WPHC may reasonably request. Except for a Permitted Withdrawal or a withdrawal upon the death or disability of Feld, any withdrawal by Feld from fxxx the Company shall constitute cxxxxitute a dexxxxt default by Feld under this Xxxeement Agreement and WPHC XXXC shall be entitled to damages and xxx any other legally available relief based upon such default.